Lebanon judge orders seizure of cargo ship with flour ‘stolen from Ukraine’
July 30, 2022, 5:51 pm

Lebanon judge orders seizure of cargo ship with flour ‘stolen from Ukraine’

Lebanon-Flag of Lebanon/Pixabay

A judge on Friday (July 29) ordered the seizure of a cargo ship docked at Tripoli in northern Lebanon carrying 5,000 tons of flour allegedly stolen from Ukraine, the Arabnews reported.

The vessel, the Laodicea, is Syrian, and subject to US sanctions. The cargo is owned by Loyal Agro, a grains trading company in Turkey, which said it had provided Lebanese customs with documentation showing the source of the cargo was legitimate.

However, the Ukrainian Embassy in Beirut said the vessel was “carrying 5,000 tons of barley and 5,000 tons of flour that we suspect was taken from Ukrainian stores.” It said a judge in Ukraine had issued a ruling to seize the vessel and the cargo after an investigation.

A Loyal Agro spokesman said the cargo had initially been destined for Syria but the company decided to offload 5,000 tons of flour in Lebanon because of bread shortages there. He said flour could be sold for up to $650 a ton in Lebanon, compared with $600 in Syria.

Bakeries in Lebanon were inundated this week by frustrated crowds in a country where about half the population is food insecure.

Russia is stealing Ukrainian grains and getting it out from the invaded Crimea - Photo: Pixabay

Lebanon used to import most of its wheat from Ukraine, but shipments have been disrupted by Russia’s invasion and blockade of the main Black Sea ports.

Nasser Yassin, Lebanon’s caretaker environment minister, said: “Lebanon respects international laws. The ship said to be stolen from Ukraine and docked in Tripoli has not been offloaded.”

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He said the matter was being looked into by the Lebanese ministers of economy and public works.

Some Lebanese observers fear certain parties may take advantage of the economic and political chaos in Lebanon to smuggle goods into Syria and circumvent US sanctions, especially following claims that the Laodicea belonged to the Syrian General Directorate of Ports.

A Lebanese Economy Ministry source told Arab News: “Importing wheat or flour from abroad doesn’t require the approval of the ministry unless it was subsidized by the central bank.

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“Other than that, private companies and mills have the right to freely import wheat or flour, provided that the Lebanese customs check the legitimacy of the importation.”

Lebanon’s Minister of Foreign Affairs Abdallah Bou Habib said Lebanese authorities had not yet been able to “determine the source of the flour and barley cargo carried by the ship.”

He said Lebanon had “received a number of complaints and warnings from a number of Western countries” following the docking of the ship. The new maritime row comes a week before Lebanon marks the second anniversary of the Beirut port blast on Aug. 4.

Source: arabnews

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.